SMM Daily Comments (May 30): Base Metals Mostly Fell, SHFE Tin Bucked the Trend to Soar, Dollar Surged to New High, Oil Fell As Likely Fed Rate Hike Counteracts Debt Ceiling Agreement  

The possibility of the Fed raising interest rates in June still exists, and crude oil is under macro pressure again. The positive influence of a debt ceiling agreement is fading, and the possibility of further interest rate hikes in the United States has restrained the rise in oil prices.

Crude oil fell today. As of 15:08 CST, WTI oil and Brent oil fell 0.17% and 0.39% respectively.

The U.S. dollar has risen for seven consecutive days and reached a new high of 104.52 since March 16, 2023, up 0.14% as of 15:09.

SHFE tin and nickel rose 2.91% and 1.48% respectively; SHFE zinc fell 0.67%, SHFE aluminium dropped 0.61%, SHFE copper dipped 0.2%, and SHFE lead fell 0.16%.

Stainless steel rose 0.41%, coking coal fell 2.36%, and coke fell 2.32%. Hot-rolled coil fell 0.97%, rebar fell 0.83%, and iron ore fell 0.28%.

As of 15:13, LME metals mostly closed with losses. LME tin rose 2.62%, and LME nickel rose 0.13%. LME aluminium, lead, and zinc fell more than 1%, and LME copper fell 0.65%.

In terms of precious metals, Shanghai gold and silver fell 0.12% and 0.22% respectively.

As of 15:14, COMEX gold rose 0.6%, and COMEX silver fell 0.86%.

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